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Campaigners call on investors to halt Government share sale with £2 billion court action

Chancellor Alistair Darling’s Budget 2010 pledge to sell off Government shares in Lloyds Banking Group has led investors to launch a £2 billion claim for compensation and instruct lawyers to investigate a judicial review of the decision.

Lloyds Action Now (LAN) said it was litigating on behalf of 800,000 private shareholders who lost substantial sums after the Government encouraged the takeover of stricken lender HBOS.

In what threatens to be the biggest law case in British legal history the bank’s 10,000 largest private investors have been approached for funding as the first stage in contacting all shareholders on the register.

LAN acting chairman Jillian Timmis said: “Alistair Darling wasted an opportunity and now we have no other option than go to law. He...

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